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The Effects of Bearish Trends on Litecoin

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Litecoin

Litecoin (LTC) is generally considered as a peer-to-peer cryptocurrency which is released under the MIT/X11 license. The coin is based on an open source cryptographic protocol. This coin is not managed by any central authority and its technical details are nearly same as Bitcoin (BTC). This coin founded by Charlie Lee, ranked 5th in Coinmarketcap.com (as of 2nd April 2018) with Market Cap $6,626,589,535, trading price $118.55 and Volume (24h) $300,155,000.

The coin is one of the top 90 cryptocurrencies on Coinmarketcap.com and it has been greatly affected by the bearish trend of the last two weeks on the cryptocurrency market. According to the market experts, Litecoin (LTC) shows little signs of possibilities to recover before Mid-April. The reason behind this entire downtrend can be traced as a general market sentiment. According to this, LTC or Litecoin may face some issues at this moment. Litecoin or LTC/USD has seen the downfall of -28.56% over the last 7 day trading period, and thus, it has settled below the $120 mark. If it does not get huge support, then, there is a possibility that it will break at sub-$100.

It is true that Litecoin is in a downtrend and the LitePay project helps in pulling up Lee’s dream for Litecoin. The coin that is looking for a new phase, currently facing a downfall and the collapse of the LitePay initiative has further worsened the matter. There was much discussion on the Litecoin camp on how to slip into the transactional market. The adoption of the LitePay strategy has been seen as a road to recovery. Its association with Amazon and Starbucks is also considered to be another huge possibility for the Litecoin.

The Outcome of the Bearish Trends

However, you must remember the fact that the coin that is ranked 5th on the Coinmarketcap.com, has seen some downfall, because of its competition with some of the projects. If it becomes failure to slip into the mainstream use then, the risk of the downfall further increases. The Abra wallet app also plays a vital role in recovering the possibilities of the Litecoin. Weeks before the bearish trend appear in the market the Litecoin or LTC has faced a bullish upsurge. In the mid-week of March, the coin was trading in $160-$169 range showing possibilities for upsurge. However, now the pressure turns into the negative results following the collapse of the LitePay. This further suppresses the spirit of the Litecoin. The coin has been lost almost half of its value in March. According to the Coinmarketcap.com, the value of LTC against the US dollar was $214, as of March 01, 2018. This value shows the downfall with its downgrade value by hitting as low as $110 on March 30, 2018.

What are Future Possibilities of the Litecoin for Bouncing Back?

It is true that the total market outlook is still bearish, but the only hope is that it has been made some recovery. The Litecoin/USD pair has seen the downfall of 2% that is below the $120 mark. However, the only ray of hope is that the coin hits up a high value of $124, on March 30, 2018, although it ends up with a closing value of $118.60.

Nevertheless, what can be said is that the Litecoin and the other top cryptocurrency coins are expecting a definite comeback. The outlook of the cryptocurrency market including the Litecoin may reach some higher value towards mid-April. Following the US Tax Day on April 17, 2018, there is an expectation of increased activity in the market as the investors wanted to readily file for 2017 tax returns.

The situation of the Litecoin is said to be a blessing in disguise. Because of the fast transactions and cheap fees, many dark websites are planning to use Litecoin instead of the Bitcoin or Monero. Some cryptocurrency experts believe the fact that Litecoin may follow the trend of the Bitcoin’s performance. According to the recent research, the Litecoin are drawing the attention of the many dark web users, which in turn open up the possible avenues for Litecoins.

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Lebatihem via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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